SHANGHAI, Mar. 8 (SMM) – Indonesia issued details on export policy of raw ore and SHFE 1705 nickel thus dived on Tuesday’s night trading. The negative news will keep affecting market. Moreover, Philippines’ President indicated that the country will find half measure of mining and environmental protection but has no clue at present, making limited effect on market. LME nickel will find support at USD 10,550/mt on Wednesday and SHFE 1705 nickel will outperformed LME nickel due to tight nickel ore supply in China’s market. SHFE 1705 nickel will stabilize at lows and find support at the 40-day moving average. The contract will move between RMB 87,800-89,500/mt on Wednesday.
In China’s domestic market, spot nickel should trade at RMB 87,300-88,500/mt on Wednesday.